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Asia Strengthens Ahead of Biden-Xi Talks

Asia-Pacific markets rose on Tuesday as investors look ahead to highly anticipated talks between the U.S. and China as well as more economic data.

In Japan, the Nikkei 225 gained 110.82 points, or 0.3%, to 32,695.93.

The Japanese yen hovered near 15-year lows against the euro on Tuesday, trading at around 162.33 levels.

It remained at one-year lows against the dollar, last trading at 151.63 and inching close to 33-year lows if it falls below 151.94 per dollar.

The yen spiked during Monday’s session, leading some market participants to speculate an intervention by the Bank of Japan. However, those speculations faded gradually.

In Hong Kong, the Hang Seng Index declined 29.35 points, or 0.2%, to 17,396.86.


In Shanghai, the CSI 300 gained 2.65 points, or 0.1%, to 3,582.06.

U.S. President Joe Biden and China’s President Xi Jinping’s will meet in-person in San Francisco later in the day, for the first time in about a year.

In other markets

In Singapore, stocks returned from a long weekend, with the Straits Times Index shedding 2.02 points or 0.1%, to 3,104.66.

In Taiwan, the Taiex gained 76.42 points, or 0.5%, to 16,915.71.

In Korea, the Kospi index recovered 29.49 points, or 1.2%, to 2,433.25.

In New Zealand, the NZX 50 regained 80.25 points, or 0.7%, to 11,173.28.

In Australia, the ASX 200 picked up 57.87 points, or 0.8%, to 7,006.71.